Space Center Ventures, a Roseville, Minn.-based venture capital firm, has taken a stake in Minneapolis-headquartered Midwest Wind Finance (MWF), a wind farm financier.
The arrangement gives Space Center Ventures a minority ownership interest in MWF, which will gain working capital as it prepares to execute its business plan to finance at least $150 million in wind farm projects next year, according to MWF.
Paul Knapp, president and chief executive officer of Space Center Ventures, structured the transaction and will serve on MWF's board.
‘We have been looking at getting into the rapidly growing wind energy business for several years,’ says Knapp. ‘With Midwest Wind Finance, we found the ideal vehicle to participate in the upside potential of this industry and add value using our experience.’